Currency (Royal Australian Mint) Determination 2001 (No. 3)

Overview

The Currency (Royal Australian Mint) Determination 2001 (No. 3) was enacted to ensure the precise specifications of certain coins issued by the Royal Australian Mint. The legislation was introduced to address the need for detailed and specific standards for the coins to be produced and circulated, ensuring consistency and quality in Australia's currency. Enacted by the Minister for Financial Services and Regulation, Joe Hockey, the Determination specifies the standard weight, allowable variation, dimensions, and design of the coins as outlined in Schedule 1 of the Determination. The policy objective appears to be the maintenance of high standards in the production of currency, ensuring that coins meet specific criteria for weight, dimensions, and design, thus upholding the integrity of Australia's monetary system.

Scope and Application

The Currency (Royal Australian Mint) Determination 2001 (No. 3) applies to the specifications of certain coins issued by the Royal Australian Mint, as stipulated under the Currency Act 1965. This Determination specifies the standard weight, allowable variation, dimensions, and design of coins of a particular denomination and standard composition, as detailed in the Schedule of the instrument. It is applicable across Australia and sets out the technical specifications that must be adhered to by the Royal Australian Mint in the production of these coins. This Determination does not override any other existing specifications for coins, thereby maintaining the integrity and uniformity of the currency system. The application of this Determination is governed by the Currency Act 1965 and can be further elaborated or modified through subordinate instruments as necessary.

Key Provisions

The Currency (Royal Australian Mint) Determination 2001 (No. 3) specifies the standard weight, allowable variation, dimensions, and design for certain coins with particular denominations and standard compositions, as outlined in Part 1 of Schedule 1 (sections 3 and 4). The determination details the weight and allowable variation in weight, diameter, thickness, shape, edge, and both obverse and reverse designs of the coins. For example, a 20-cent coin made of copper and nickel must have a standard weight of 11.30 grams with an allowable variation of ± 0.33 grams, a diameter of 28.65 mm, a thickness of 2.5 mm, and a specific design on both sides (Schedule 1, Part 1, items 101 to 106). The determination imposes obligations on the Royal Australian Mint to ensure that the coins produced meet the specifications outlined in Part 1 of Schedule 1. This includes adhering to the prescribed weight, dimensions, and design for each specified coin. The mint must also ensure that the coins comply with the allowable variations in weight and other standards to maintain uniformity and quality across the currency. The obligations extend to all coins specified in the determination, ensuring consistency in the physical attributes of Australian currency. Failure to comply with the specifications set out in the Currency (Royal Australian Mint) Determination 2001 (No. 3) may result in legal consequences. While the determination does not explicitly state offences, penalties, or civil/criminal consequences for non-compliance, such breaches may be addressed under the broader provisions of the Currency Act 1965 or other related legislation. Typically, non-compliance with currency specifications can lead to fines, legal action, or other penalties as prescribed by relevant authorities. The severity of the penalties would depend on the nature and extent of the breach, as well as any additional legal frameworks in place.